Baring Private Equity Asia, the Hong Kong-based private equity investment and buyout firm, has entered into a joint agreement with ICICI Venture to acquire a significant stake in Karvy Stock Broking, one of India’s largest financial service groups. The deal includes the buyout of a stake held by existing investor Pacific Century Group, as well as the infusion of fresh capital into KSB for further expansion and working capital requirements. Baring Asia and ICICI Venture will have a significant stake after this transaction. KSB is a member of both the National Stock Exchange of India and the Bombay Stock Exchange, and has 580 offices covering 350 cities, including offices in Dubai and New York. As well as offering broking services to over 350,000 retail investors, KSB also has a Private Client desk catering to high net worth individuals and corporates, and an institutional desk servicing various domestic and foreign financial institutions. A leading distributor of various investment products including IPOs, Mutual Funds, debt and tax saving instruments, KSB has also positioned itself as a “personal finance advisor” under the brand name “The Finapolis”. Jean Eric Salata, chief executive of Baring Asia, said: “Karvy’s diversified business model, covering everything from stock broking to mutual funds to insurance, gives it a strong competitive advantage and positions it well for further growth.” Baring Asia, with $2 billion under management, provides growth capital and management buyout financing for mid-sized companies in India, China, Japan, and Southeast Asia. The acquisition of Karvy is Baring Asia’s sixth investment in India and represents its largest in the country to date.